Bitcoin‘s (CRYPTO: BTC) sharp rebound to retest the $117,000 level has renewed trader interest, driven in part by recent U.S. policy moves expanding 401(k) access to crypto and mounting speculation over government-led debt monetization.
But despite the momentum, analysts at 10x Research say the rally still lacks a decisive macro catalyst to sustain a true breakout.
“Bitcoin has rebounded faster and more sharply than we anticipated—surprisingly, on news that surfaced three weeks ago: that U.S. retirement accounts may soon be permitted to allocate into Bitcoin and other cryptocurrencies,” the report notes.
The asset dipped to a low of $111,643 on August 7.
From there, the rally gained steam.
In addition to retirement access, several new catalysts emerged: “Trump signed an order expanding access to alternative assets in 401(k) retirement accounts, nominated crypto-friendly Stephen Miran to the Fed board, and imposed a 39% tax on 1kg gold …